OK, We all know that the first week of July is The #1 vacation week in America…so, most Real Estate agents and Brokers take some ‘chill’ time as well. But what of all the tourism visitors that come to Orange Couty and even our own residents who finally have some free time? Well folks, this week has proven that people are out there focusing on Real Estate again!
And the wake up call? Well, it most likely was the surge in mortgage interest rates over the past 6 weeks – up about .625%, which is quite a move! And the downturn in rates over the past 7 days has got buyers whistling again. We are almost back to where we were (now only up about .125% from that recent surge).
This prooves 2 things: Rates won’t stay low forever and rates are not ready to test near term highs. Facts are that we need rates to stay ‘safe and sane’ just like our fireworks. People react accordingly. The Real Estate market was abismally slow during the rate surge in May/June and buzzing again with the current downtrend in rates. So let’s all hope the 10 year bond ‘chills’ here for awhile….As always, please call the office with any questions. I’ll be happy to help. Cordially,
Michael Caruso, Broker ABRM CRB CRS